NEW DELHI, Dec 15: The Securities Appellate Tribunal (SAT) has stayed the Rs 6 crore penalty that markets regulator Sebi had imposed on NSE for allegedly investing in firms unrelated to the stock exchange business.
Securities and Exchange Board of India (Sebi), in October, levied a fine of Rs 6 crore on National Stock Exchange (NSE) for allegedly investing in six companies unrelated or non-incidental to the stock exchange business.
The six entities are — CAMS and Power Exchange India Ltd (PXIL), NSEIT Ltd, NSDL E-Governance Infrastructure Ltd (NEIL), Market Simplified India Ltd (MSIL) and Receivables Exchange of India Ltd (RXIL).
“The noticee (NSE) had engaged, directly and/or through its wholly-owned subsidiary NSICL, in activities that are unrelated/non-incidental to its activities as a stock exchange by way of acquisition of stakes in PXIL, CAMS, NSEIT Limited, NEIL, MSIL, and RXIL without seeking approval of SEBI,” the regulator had said in its order.